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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2020-02-05 00:00:00",
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  "notes": "The table shows positive contributions from various companies, share buybacks, and other income, offset by bond interest expense.",
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      "text": "Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Positions with contributions or detractions to performance of 50 basis points or more are listed separately. (1) Over the course of 2019, PSH executed share buybacks totaling $174 million at an average discount to NAV of 28.3%. The positive impact on performance due to the accretion from these share buybacks is reflected above.",
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      "text": "Chipotle Mexican Grill 14.7%, Hilton Worldwide 9.0%, Fannie Mae & Freddie Mac 7.2%, Starbucks 5.7%, Lowe's 5.3%, Restaurant Brands International 4.5%, Automatic Data Processing 4.4%, Howard Hughes Corporation 2.6%, United Technologies 2.4%, Agilent Technologies 2.1%, Berkshire Hathaway 1.9%, Accretion from Share Buybacks 1.9%, Platform Specialty Products 1.0%, Other Income and Expense 0.2%, Bond Interest Expense (1.8%), Total Contributors 61.1%",
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